Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Yoon set for talks with Marcos in Philippines
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Can Jennie break the K-pop solo artist slump?
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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First lady’s Dior bag scandal to be at center of Assembly audit
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Yoon honors veterans of Korean War in trip to Philippines
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Seoulites celebrate coexistence at Wellness Seoul 2024
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'Culinary Class Wars' producers deny trying to spice up results
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Ex-president's daughter investigated for drunk driving accident
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Korea's top 3 shipbuilders to lose over 7 tln won in 2015
South Korea's top three shipbuilders are expected to post a combined operating loss of more than 7 trillion won ($6.2 billion) in 2015 amid an industrywide slump, data showed Sunday.Market data showed the country's top three shipbuilders -- Samsung Heavy Industries Co., Hyundai Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. -- are expected to post an operating loss of 3 trillion won in the second half of 2015.The three players already posted an operating loss of 4.7 trilli
Oct. 25, 2015
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Corporate earnings outlook turns gloomier for Q4
The corporate earnings outlook for the fourth quarter of this year has turned bleaker amid a series of weak third-quarter performance reports by major South Korean companies, a market tracker said Sunday.FnGuide, which provides financial information, said 128 major listed companies, for which more than two brokerages houses have offered earnings estimates, are projected to register a combined operating profit of 27.4 trillion won ($24.3 billion) for the October-December period.The number is down
Oct. 25, 2015
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Korea's imports of coffee to hit record in 2015
South Korea's coffee imports are expected to set a new annual record in 2015, the customs office said Sunday, driven by soaring demand from local consumers.Asia's fourth-largest economy imported a record 102,500 tons of coffee in the January-September period, up 3.2 percent from the same period last year, the Korea Customs Service said.The imports were valued at $416 million, up 8.9 percent from a year earlier, the customs office added. The amount is expected to reach $600 million by the end of
Oct. 25, 2015
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Gore honored for work culture
Gore Korea country head Hans Baik (Gore Korea)W. L. Gore & Associates, commonly known as Gore, received two awards from global research and management consultancy Great Place to Work, the Korean operation of the U.S.-based manufacturer said Friday. In Korea, Gore was named as one of the “100 Best Companies to Work for in Korea (2015)” for the fifth consecutive year. Globally, it was also ranked No. 3 as one of the “25 Best Multinational Workplaces” for the fourth consecutive year. The Great Pla
Oct. 23, 2015
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BAT Korea settles wage hike
BAT Korea CEO Guy Meldrum (front row, second from left) poses with union leaders from its Sacheon factory after signing a wage pact for the next three years at the firm’s Seoul headquarters Wednesday. (BAT Korea)British American Tobacco Korea and the labor union at its Sacheon factory have reached an agreement on three-year salary negotiations without any hiccups, the tobacco manufacturer said Friday. The agreement states the percentage of salary increase and adjustment in the calculation of wa
Oct. 23, 2015
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Businesses cash in on Fashion Week
Every year since 2000, Seoul Fashion Week has drawn local and overseas fashion gurus, buyers and the larger public together in a festival to showcase the country’s talented designers and upcoming fashion trends. The biannual event -- held every March and October -- not only offers sneak previews of Korea’s latest fashion designs for the seasons ahead, but also attracts wide attention from the public as well as international buyers. Alongside local designers and independent labels looking to show
Oct. 23, 2015
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Hyundai E&C Q3 net soars 21 %
Hyundai Engineering & Construction Co., South Korea's No. 2 builder, said Friday its third-quarter net profit jumped 20.7 percent as large-scale projects in the Middle East took shape. Net profit stood at 163.02 billion won ($145 million) in the July-September period, compared with the 135.1 billion won registered a year earlier, the construction firm said in its regulatory filing. Operating profit rose 14.6 percent on-year to 264.37 billion won, and sales gained 10.6 percent to 4.71 trillion wo
Oct. 23, 2015
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Hyundai Mobis Q3 net drops 20 pct
Hyundai Mobis Co., South Korea's top auto parts maker, said Friday its third-quarter earnings plunged 20 percent from a year earlier due mainly to falling sales in China and other major countries.Net profit stood at 621 billion won (US$552 million) in the July-September period, compared with a profit of 776 billion won a year earlier, the company said in its regulatory filing.Operating profit also shed 8.3 percent on-year to 670 billion won in the third quarter, while sales rose 2.9 percent to 8
Oct. 23, 2015
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Nonghyup Financial's earnings gain 2.7 pct in Q3
Nonghyup Financial Group Inc. said Friday its third-quarter earnings rose nearly 3 percent on-year thanks to strong performances of its units and less money set aside to cover bad debt.Net profit reached 182.7 billion won (US$162.2 million) in the July-September period, up 2.7 percent from a year earlier, Nonghyup Financial said in a press release. "The on-year gain was possible because many firms under the group posted net profits and the group as a whole cut back on bad debt reserves," it said
Oct. 23, 2015
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SK Innovation swings to profit in Q3
SK Innovation Co., South Korea's top oil refiner, said Friday it swung to a profit in the third quarter of the year on continued improvement in its lubricant oil business and reduced inventory losses.Net profit came in at 165 billion won ($146 million) in the July-September period, a sharp turnaround from a loss of 62.5 billion won a year ago, the company said in a regulatory filing. Sales tumbled 25 percent on-year to 12.45 trillion won over the cited period, and the company posted an operating
Oct. 23, 2015
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Daewoo keeps No. 1 shipyard position by order backlog
Daewoo Shipbuilding & Marine Engineering Co. has maintained its position as the world's largest shipbuilder by order backlog for 11 straight months, industry data showed Friday.According to the data compiled by global researcher Clarkson Research Services, the South Korean shipbuilder had the largest order backlog totaling 8.50 million compensated gross tons as of end-September.Daewoo Shipbuilding was followed by its major local rivals, Hyundai Heavy Industries Co. and Samsung Heavy Industries C
Oct. 23, 2015
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Samsung chairman Lee donates W20b to youth job fund
Samsung Group said Thursday that its chairman Lee Kun-hee has donated 20 billion won ($17.6 million) to Youth Hope Fund Korea, which launched on Sept. 21 under President Park Geun-hye’s initiative for active job creation. A group spokesman said it was from Lee’s private fortune, adding that it reflected the chairman’s philosophy to foster a talented workforce.While Lee has been hospitalized, the spokesman clarified that this one-time donation is a part of his comprehensive offering to the societ
Oct. 22, 2015
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Lotte brothers open new round of blame game
SDJ Corporation chairman Shin Dong-joo on Thursday rebutted Lotte Group chairman Shin Dong-bin’s claim that he had inflicted billions of won in damages to Lotte while he served as the vice chairman of Lotte Holdings in Japan. The eldest son of Lotte founder Shin Kyuk-ho and his younger brother Shin Dong-bin have been locking horns over the helm of the 90 trillion-won ($79 billion) Lotte Group for over three months, and their battle has recently evolved into a blame game. While Shin Dong-joo and
Oct. 22, 2015
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KIPO chief pledges to share IPR know-how
The head of the country’s intellectual property rights authority pledged Thursday to share its know-how with developing and underprivileged countries. “We have been holding the Global Intellectual Property Sharing campaign, where we collate intermediate technology from registered intellectual properties tailored for people in underdeveloped countries,” said Choi Dong-gyou, commissioner of the Korean Intellectual Property Office, in his interview with The Korea Herald. Intermediate technology gen
Oct. 22, 2015
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Korea strengthens IP ecosystem to boost creative economy
By Bae Ji-sookKorea’s legal revisions to reinforce its intellectual property ecosystem will be a means to boost the creative economy, the chief of South Korea’s intellectual property management authority said at a meeting of his counterparts from 188 countries who gathered in Geneva to discuss the future of IP encouragement and protection earlier this month. “The South Korean government amended both the Patent Act and the Utility Model Act in order to give people the choice of filing their appli
Oct. 22, 2015
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Samsung SDI sets up EV battery plant in China
Samsung SDI Co., the battery-making unit of South Korea's top conglomerate Samsung Group, said Thursday it has started running its first electric-vehicle battery production line in China, as it seeks to tap deeper into what could be the world's biggest EV market. Samsung SDI held a dedication ceremony for the Xian plant later in the day in the namesake city of China, attended by key company officials and members of the Xian provincial government, the battery producer said in a statement. After b
Oct. 22, 2015
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Hyundai Steel Q3 net profit plunges 79.4 %
South Korea's No. 2 steelmaker, Hyundai Steel Co., said Thursday its third-quarter earnings plummeted 79.4 percent from a year earlier as the company struggled amid an industry-wide slump. Net profit came to 26.12 billion won ($22.98 million) in the July-September period on a consolidated basis, compared to 130.12 billion won from a year ago, the company said in its regulatory filing. Operating profit also dipped 12 percent on-year to 330.89 billion won over the cited period, while sales edged u
Oct. 22, 2015
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Korea devising rescue plan for Daewoo Shipbuilding
South Korea's Daewoo Shipbuilding & Marine Engineering Co. is expected to log an operating loss of over 5 trillion won ($4.4 billion) this year, up by some 1 trillion won from previous forecasts, industry sources said Thursday.The outlook follows a recent audit by the state-run Korea Development Bank (KDB), the main creditor of the troubled company, which has revealed additional losses from overseas branches, according to the sources.The shipyard posted an operating loss of 3.03 trillion won in
Oct. 22, 2015
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LG Display tops global TV panel market: report
LG Display Co., South Korea's major flat panel maker, has become the leader in global TV panel shipments this year thanks mainly to firm demand from TV set makers, a report showed Thursday. LG Display shipped a total of 41.7 million TV panels in the first nine months of the year, accounting for 22.9 percent of the market share, according to the latest report by market tracker WitsView. That has made LG Display the top seller of TV panels in the world, the report said, adding that LG will likely
Oct. 22, 2015
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SK hynix's Q3 net slips 4.3 %
South Korean chip giant SK hynix Inc. said Thursday its third-quarter profit fell 4.3 percent from a year earlier largely due to slowing demand of memory chips for personal computers. Net profit reached 1.05 trillion won ($923.5 million) in the July-September period, compared with 1.1 trillion won the previous year, the company said in a regulatory filing. The figure hovers slightly below the median estimate of 1.07 trillion won in a poll of analysts by Yonhap Infomax, the financial news arm of
Oct. 22, 2015